A fraudster gathered enough information about Marcus Agius, the chairman of Barclays Bank, to steal £10,000 from him.
The hacker convinced a call centre employee to send out a replacement Barclaycard in Mr Agius' name and then took the card to a high street branch of the bank and withdrew £10,000.
Barclays Bank has since initiated a security review after the incident and said that Mr Agius, has been reimbursed.
A bank spokesman told BBC: "All Barclays customers, from the chairman downwards, have a 100 percent fraud guarantee as long as they take responsible care of their information."
The fraudster was successful only because of what the spokesman called "human error".
Mr Agius said: "Credit card fraud is an issue which our industry continues to confront. Barclays is resolved to do everything possible on behalf of our customers, to minimize its impact."